Dorfman on Leave After Probe Report : Securities: The stock market commentator says he has done nothing wrong.

Influential stock market commentator Dan Dorfman took a leave of absence Friday from Money magazine after a report that federal prosecutors were looking into his relationship with a stock promoter.

BusinessWeek magazine, citing anonymous sources it described as close to the inquiry, said Thursday that Dorfman and stock promoter Donald Kessler are being investigated for activities including insider trading, wire and mail fraud and other violations of securities law.

“I continue to believe that Dan Dorfman has not violated any laws,” said Frank Lalli, Money’s managing editor. “Nonetheless, I have agreed to a temporary leave of absence for him, effective immediately, so that he can address issues raised by the BusinessWeek article.”

Lalli said he had also asked that Time Warner Inc.’s general counsel investigate the matter. Time Warner owns Money magazine.

Dorfman does daily commentaries for the CNBC cable network from the Money offices, and missed at least two regularly scheduled appearances early in the day.

But he appeared on the cable network from another site at about 2:30 p.m. and called the report rubbish.

“I have done nothing wrong and I have nothing to be ashamed of,” he said.

Dorfman has been writing a column for the monthly magazine since January.

Both Dorfman and Kessler told BusinessWeek they were unaware of any investigation. Dorfman told BusinessWeek he assumed regulators are always scrutinizing him.

“I would never jeopardize my career and integrity for a fast buck,” Dorfman was quoted as saying by BusinessWeek.

After the report was published Thursday, Dorfman issued a statement that said he has not traded stocks for more than five years.

“I can’t stop irresponsible people from making untrue allegations about me or publishing them,” he said. “But I am confident any investigation will put such rubbish to rest.”

CNBC said in a statement it believes Dorfman has carefully observed the “strict ethical standards” it imposes on its reporters.